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January 28, 2016

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The September/October Equity rally has ploughed through previous highs. It also seems that cyclicality is re-accelerating with nice rebounds on the Dollar and interest rates, while more defensive assets have corrected (Gold, EUR/USD). These trends look unstoppable and by and large, we believe they should persist probably into Spring next year. Yet, we believe it’s probably time for some kind of short term reset, a short term Stop and Go...




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